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Apartment buildings remain most valuable

Property Markets / Outlook

Apr 15 2018

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Despite almost halfing in value over the previous month, new apartment buildings were the most valuable segment of Australia’s construction industry in March. 

CoreLogic’s Cordell Construction Monthly report showed $3.6 billion worth of new apartment projects last month, compared with $6.1bn, however new construction projects increased by 4 per cent in the same period, and the total value rose from $12.6bn to $12.8bn.

“The continued strength in the apartment development space comes from a combination of long-term confidence in east coast cities, particularly close to the inner city suburbs, and calls for more housing to address a reported undersupply,” CoreLogic commercial research analyst Eliza Owen said. 

She told The Australian that joint venture projects and state government participation in housing were starting to rise in a bid to deliver more affordable housing.

The Victorian Department of Health and Human Services was seeking expressions of interest from the social housing sector and private developers to participate in joint venture property developments, starting with 52 vacant sites between Melbourne’s western suburbs and Geelong.

 

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